Bitcoin explodes in South Korea as its banks and government are all turning to crypto, at least this is what Google trends show and we read more about it in the latest cryptocurrency news.
For the past week, South Koreans have been getting their hands on bitcoin more than ever. The google trends charts for Bitcoin searches for the last week can show you the exact same thing. There is also a pattern forming if you take a look at the high points. The searches reached a peak at the same time every day. By looking at the Google Trends chart for South Korea, you can see that at 7 AM almost every day for the past week, bitcoin searches reach their peak. It looks like the people of the country are waking up thinking about bitcoin or reading about it on their way to work in the subway or on the bus.
The country has about 50 million people and is a major high-tech hub that’s huge on consumer electronics and global innovation. This is one of the reasons why bitcoin explodes in the country and the interest keeps on increasing for other cryptocurrencies as well. South Koreans have had a big appetite for bitcoin for a long time now and they have even paid above the market price for the Kimchi Premium.
According to a report by the Cindicator intelligence firm, the recent regulation and the crypto exchange industry but also the country’s history and culture are all major factors when it comes to mass bitcoin adoption and acceptance. In fact, as we mentioned in the altcoin news previously, South Koreans make up to 30 percent of total cryptocurrency trading globally. Also, more than 30 percent of workers in the country have their salaries in crypto assets and trade with a varying degree of frequency.
The government also allocated about $880 million in order to work on blockchain development since the beginning of the year, creating a perfect climate condition for Bitcoin adoption. Moreover, the largest bank by assets in the country KB Kookmin announced a couple of days ago that it will develop its own custody solutions and potentially create their own cryptocurrency.
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